FSA levies record sub-prime fine on Thinc

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The Financial Services Authority has levied a record £900,000 fine on one of the country’s biggest independent financial adviser groups for serious failures in selling sub-prime mortgages.

The watchdog said that Thinc Group, the mortgage broker, was guilty of poor record-keeping and failing to prove that the sub-prime loans it had sold were right for the customers who took them out.

The fine is the biggest ever imposed for sub-prime failings by the FSA since it began mortgage regulation in 2004. It comes almost a year after the FSA concluded its original investigation into the sub-prime market, when it referred